Precious metals gained ground as Treasury yields pulled back after the release of U.S. PMI reports.
Gold tested new highs at $1942 as traders bet on the continuation of the current trend. The U.S. dollar made an attempt to rebound after the release of U.S. PMI data but lost momentum and pulled back, which was bullish for gold markets.
Silver managed to rebound after yesterday’s sell-off. Silver received strong support near the 50 EMA at $22.90 and moved towards the 20 EMA at $23.65. A move above the 20 EMA will push silver towards the $24.00 level.
Platinum settled back above the 20 EMA amid rising demand for precious metals. RSI is in the moderate territory, and there is enough room to gain additional upside momentum in case the right catalysts emerge. The nearest significant resistance level for platinum is located at $1080. In case platinum settles above this level, it will head towards the next resistance level at multi-month highs at $1110.
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Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.